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The existing terminal is capable of importing LNG but not exporting it (Image: Sempra Energy)
They also stressed, though, that they were questions, met all of their requirements,” she
working to push the Energía Costa Azul LNG added.
project forward by securing the export per- IEnova’s existing LNG import terminal
mit. Carlos Ruiz Sacristán, the CEO of Sempra began operating in 2008 and is capable of regas-
North American Infrastructure and the execu- ifying up to 1bn cubic feet (28.32mn cubic
tive chairman of IEnova, said that the company metres) per day of LNG. The company is now
had remained in communication with Mexican intending to expand the facility so that it can
authorities about its plans. serve as a gas liquefaction and export complex.
“We’re working very close with the govern- The facility’s first phase will be able to turn
ment to take the permit that we are still missing out 2.4mn tonnes per year (tpy) of LNG, and
and we are confident that we are going to get its production capacity may eventually rise to
it,” he was quoted as saying by the San Diego 12mn tpy.
Union-Tribune. “This is very important for us Sempra has already struck non-binding LNG
and we are really optimistic about it.” supply agreements with Total (France), Mitsui
Tania Ortiz Mena, the CEO of IEnova, & Co. (Japan) and Tokyo Gas (Japan), each of
sounded a similar note, saying that Mexican which has signed a 20-year agreement to buy
Energy Minister Rocio Nahle had “put a lot of around 800,000 tpy of LNG from Energía Costa
time” into reviewing the company’s application Azul LNG. These three agreements will allow
for an export permit with a term of 20 years. Sempra to export 100% of the output from the
“I think we have answered all of their plant’s first phase. ™

COLOMBIA
Ecopetrol reports profits,

revenues down in Q2-2020

ECOPETROL, Colombia’s national oil com- Ecopetrol’s net profits sank even more during
pany (NOC), has reported a dramatic year-on- the second quarter of 2020. They hit COP25bn,
year decline in its second-quarter revenues and down by 99.3% on the figure of COP3.487tn
profits. ($923.567mn) recorded in the April-June inter-
In a statement released earlier this week, the val of last year. Meanwhile, EBITDA (earnings
company said that its revenue had amounted before interest, taxation, depreciation and
to COP8.442 trillion ($2.236bn) between amortisation) dropped to COP1.996 trillion
April and June, down by 53.9% on the figure ($528.661mn), down by 76% on the figure of
of COP18.309 trillion ($4.849bn) reported COP8.307 trillion ($22.002mn) recorded in the
for the same period of 2019. It also noted that same period of 2019.
its gross profits had amounted to COP826bn In its statement, the company attributed the
($218.774mn), marking a fall of 88.4% on the decline in its financial performance to unfavour-
year-ago figure of COP7.095 trillion ($1.879bn). able conditions on world oil markets.

P12 www. NEWSBASE .com Week 31 06•August•2020